中国经济，正在蓄力待发。还在唱衰中国经济的人，要么蠢，要么坏。 2025 年 7 月，中国全社会用电量达到 10226 亿千瓦时，不仅是咱们国家第一次单月用电量突破万亿，更是人类历史上头一遭。 这个数字有多厉害？东盟 10 个国家、近 7 亿人口全年的用电量加起来也就差不多这么多。 用电量这东西最实在，机器不转电表就不动，比起可能存在统计差异的 GDP，它才是反映经济真实活力的 "照妖镜"。 一、万亿电背后：经济活力的真实写照 电力就像经济的 "脉搏"，用电量上去了，说明经济活动肯定错不了。 7 月份第一产业用电量同比增长 20.2%，看起来是农业用电在猛增，其实背后是大棚温控、智能灌溉这些现代农业设备用得越来越多，农业正在往 "电气化" 转型。 第二产业作为用电主力，5936 亿千瓦时的用电量撑起了半壁江山，其中高技术制造业表现特别亮眼，新能源汽车制造的用电量更是暴涨 25.7%，看得出来 咱们的产业升级正在实打实推进。 第三产业用电量增长 10.7% 也很有看头。 现在商场、影院这些消费场所暑期人气旺，更重要的是 5G 基站、云计算中心这些数字新基建用电动不动就是 "电老虎"，再加上全国几千万辆新能源汽车 ...

本地生活的竞争正从用户规模转向数字基建效能与生态韧性的终极较量。 这场被预言将持续"一百周"的即时零售战争，开战近十周，竞争主线已发生根本性跃迁。战局正从抢夺 用户、高额补贴的"流量战"，全面转向以智能算法、云端协同、物联网为核心的"数字新基建"深层对 抗。平台之间不再只是商业模式的较量，更是在物联网节点部署、实时数据处理能力、分布式仓储调度 等基础设施坚固性与延展性上的全面竞赛。 基于对"创造需求"这一数字增长逻辑的深刻洞察，企业需要跳出GMV迷思，转向以用户时长、频次与 情感连接为核心，构建激发增量消费的数字生态。这既契合中国经济转型与消费升级的大势，也是萨伊 定律"供给创造自身需求"在数字时代的再现——以技术重构生活方式，释放消费乘数效应。 这一进程急需长期资本支持，其背后是对数字市场演化路径的深刻预判。中国经济转型的核心动力来自 要素配置效率的全面提升。零售勃兴必须与高质量发展同频，而民营经济的敏锐与活力，正是优化资源 配置、响应需求脉动的微观基石。政府应做的并非过度干预，而是维护良性竞争的制度环境。 一言以蔽之，市场经济是动态演化的进程：只有中转站，没有终点站；没有护城河，只有创新河。任何 市场主体 ...

ic） 数字化赋能不止于此，贵州磷化集团下一步将升级其物流系统，通过沉淀物流大数据，将经验融入算法 模型，在供应商选择、智能调度、运力组织等方面实现决策智能化。 这不仅是供应链的优化，更是传统化工企业依托数字技术，对其核心运营模式进行系统性重塑。这种由 数字化驱动的产业变革，同样在电子信息制造领域上演。 走进贵阳海信的生产车间，高度自动化的生产线有序运转。从仓库取料、物料回收，到电视机液晶面板 和背板卡合，全过程均由自动化设备完成，覆盖了24英寸至85英寸大屏幕液晶平板电视的生产。作为智 能工厂的"大脑"，中控系统采集、分析生产数据，构建起完整的产品信息管理与追溯体系。 来源：环球网 【环球网科技综合报道】曾经依托矿产等资源发展传统化工的贵州，如今正借力数字新基建的强大引 擎，为"贵州制造"注入"智造"动能。从磷化工企业智慧物流网络的精准调度，到电子工厂智能产线的效 率跃升，再到新能源汽车产业集群的壮大，海量产业数据汇聚成流，在算力与算法构筑的数字经济网络 中深度融通，赋能传统制造业脱胎换骨，加速迈向高端化、智能化、绿色化。 在贵州磷化集团物流中心，"双通道、三港口"的智慧物流体系高效运转。磷产品通过铁路运往 ...

Core Viewpoint - The company reported significant growth in net profit for the first half of 2025, driven by increased fair value of financial assets and investment income from associates, while maintaining a positive outlook on its gaming business and the integration of culture and technology [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 1.414 billion yuan, a year-on-year increase of 0.09%, and a net profit attributable to shareholders of 377 million yuan, up 156.26% year-on-year [1]. - Q2 2025 revenue was 708 million yuan, down 3.66% year-on-year but up 0.16% quarter-on-quarter, with a net profit of 234 million yuan, reflecting a year-on-year increase of 386.45% and a quarter-on-quarter increase of 62.52% [1]. - The company plans to distribute a cash dividend of 0.8 yuan per 10 shares [1]. Group 2: Business Segments - The gaming business generated revenue of 706 million yuan in H1 2025, representing a year-on-year growth of 9.02%, while the subsidiary Bianfeng Network reported revenue of 1.015 billion yuan, up 1.62% year-on-year [2]. - The digital marketing segment saw significant growth, achieving revenue of 382 million yuan, a year-on-year increase of 13.97%, driven by the expansion of the Zhejiang Big Data Trading Center [2]. - The integration of AI algorithms in gaming is expected to enhance user engagement and payment efficiency, supporting continued growth in the gaming sector [2]. Group 3: Technological Development - The company is advancing its digital technology initiatives, with the Fuchun Cloud business focusing on upgrading computing infrastructure, including the completion of a data center in Hangzhou [3]. - The company has developed platforms like "Communication Big Model" and expanded its media coverage to 86.7% across the province, with plans to extend to other regions [3]. - The integration of intelligent technology in vertical scenarios is anticipated to drive growth in the company's digital technology business [3]. Group 4: Profit Forecast and Valuation - The company maintains its profit forecast, expecting net profits attributable to shareholders to reach 673 million yuan, 773 million yuan, and 906 million yuan for 2025-2027, with growth rates of 31.57%, 14.88%, and 17.16% respectively [4]. - Using the SOTP valuation method, the target price for 2025 is set at 19.65 yuan, reflecting an increase from the previous target of 16.27 yuan [4].

Core Viewpoint - Century Internet (VNET) has shown a significant increase in stock price and is preparing to release its mid-year financial report for FY2025, indicating a focus on growth despite a decline in net profit [1][2]. Financial Performance - As of March 31, 2025, Century Internet reported total revenue of 2.246 billion RMB, representing a year-on-year growth of 18.34% [1]. - The net profit attributable to the parent company was -238 million RMB, reflecting a year-on-year decrease of 27.03% [1]. Business Operations - Century Internet operates over 50 data centers across more than 30 cities in China, with a base business operational capacity exceeding 480 MW and over 52,000 cabinets in urban business operations [2]. - The company has established large-scale data center industry clusters in key regions such as Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macao, providing a robust digital infrastructure [2]. Strategic Partnerships - As a strategic partner of Microsoft, Century Internet operates international-standard cloud services including Microsoft Azure, Microsoft 365, Dynamics 365, and Power Platform in China [2]. - The company has built a solid foundation for business development for over 6,000 high-quality enterprise clients, including nearly 100 leading companies in high-growth industries [2].

Core Viewpoint - Century Internet (VNET) shows a mixed financial performance with revenue growth but a decline in net profit, indicating potential challenges ahead in maintaining profitability while expanding operations [1][2]. Financial Performance - As of March 31, 2025, Century Internet reported total revenue of 2.246 billion RMB, representing an 18.34% year-over-year increase [1]. - The net profit attributable to the parent company was -238 million RMB, a decrease of 27.03% compared to the previous year [1]. Business Operations - Century Internet operates over 50 data centers across more than 30 cities in China, with a base business operational capacity exceeding 480 MW and over 52,000 operational cabinets in urban areas [2]. - The company has established large-scale data center industry clusters in key regions such as Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macau, facilitating smooth data migration from first-tier to edge cities [2]. Strategic Partnerships - As a strategic partner of Microsoft, Century Internet Blue Cloud operates international-standard cloud services in China, including Microsoft Azure, Microsoft 365, Dynamics 365, and Power Platform [2]. - The company has built a solid foundation for business development for over 6,000 high-quality enterprise clients, including nearly 100 leading companies in high-growth industries [2].

Core Viewpoint - The company is expected to achieve significant growth in net profit for the first half of 2025, driven by strong performance in AI server sales and cloud computing services [1][2]. Financial Performance - The company forecasts a net profit attributable to shareholders of 11.958 to 12.158 billion yuan for H1 2025, representing a year-on-year increase of 36.84% to 39.12%, with a median estimate of 12.058 billion yuan [1]. - For Q2 2025, the expected net profit is between 6.727 to 6.927 billion yuan, reflecting a year-on-year growth of 47.72% to 52.11%, with a median of 6.827 billion yuan [1]. Business Growth Drivers - The AI server segment is a key growth driver, with revenue from AI servers increasing by over 60% year-on-year, and revenue from cloud service provider servers growing by more than 150% [2]. - The company maintains a leading market share in core products for major clients, with significant growth in shipments of advanced AI computing products [2][3]. Market Trends - The global AI server market is projected to grow from 125.1 billion USD in 2024 to 158.7 billion USD in 2025, indicating a robust demand for AI computing infrastructure [3]. - The company has established partnerships with major players like Microsoft, AWS, and NVIDIA, enhancing its competitive position in the AI server market [3]. Investment Outlook - The company is well-positioned to benefit from the ongoing digital infrastructure development, with revised net profit forecasts for 2025-2027 increased to 30.035 billion, 36.082 billion, and 42.961 billion yuan respectively [4]. - The company maintains a "strong buy" rating, reflecting confidence in its growth prospects amid the AI wave [4].

Core Insights - The article highlights the successful integration of live streaming with cultural tourism, exemplified by the "Live Stage" model in Tangshan, which has revitalized local tourism and consumer spending [1][3][9] Group 1: Live Streaming Impact on Tourism - The "Live Stage" model has transformed the Tianyuangu Scenic Area in Tangshan, attracting millions of online viewers and significantly increasing foot traffic and local business revenues [1][7] - The collaboration with the "Bubble Dragon" team led to a doubling of visitor numbers and an 8% increase in shop rental rates, with local businesses reporting substantial revenue growth [7][8] Group 2: National Replication of the Model - The success of the "Live Stage" model is being replicated across various regions in China, with notable examples in Hebei and Anhui, where local events have drawn large audiences and boosted local economies [8][9] - The model has led to the establishment of 18 operational "Live Stages" in Hebei, demonstrating its scalability and sustainability in both urban and rural settings [8] Group 3: Economic and Social Benefits - Experts have praised the "Live Stage" model for its ability to merge online and offline experiences, creating a sustainable night economy that enhances local consumption and cultural engagement [9] - The model is seen as a new form of digital infrastructure that not only stimulates economic growth but also preserves and promotes regional cultural heritage [9]

Core Insights - Century Internet (VNET) experienced a 2.19% increase in stock price, reaching $5.6 per share, with a total market capitalization of $1.507 billion as of June 23 [1] - As of March 31, 2025, Century Internet reported total revenue of 2.246 billion RMB, reflecting an 18.34% year-over-year growth, while net profit attributable to shareholders was -238 million RMB, a decrease of 27.03% year-over-year [1] Company Overview - Founded in 1996, Century Internet is a leading enterprise in digital infrastructure in China and the first Chinese IDC company listed on the US stock market [1] - The company operates a dual business model of "base-type + city-type" IDC services, providing comprehensive cloud computing services and solutions [1] Operational Capacity - Century Internet operates over 50 data centers across more than 30 cities in China, with a base-type operational capacity exceeding 480 MW and over 52,000 city-type cabinets [2] - The company has established large-scale data center industry clusters in key regions such as Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macau [2] Strategic Partnerships - As a strategic partner of Microsoft, Century Internet Blue Cloud operates international standard cloud services including Microsoft Azure, Microsoft 365, Dynamics 365, and Power Platform in China [2] - The company has built a solid foundation for business development for over 6,000 high-quality enterprise clients, including nearly 100 high-growth industry leaders [2]

Group 1 - In June 2023, General Secretary Xi Jinping called for a mobilization to tackle the "Three North" project, focusing on desertification prevention and afforestation, with over 1 million acres completed in two years [1][4] - The e-commerce sector in China showed steady growth from January to May 2023, effectively releasing consumer potential [2][8] - The construction of new digital infrastructure in China has accelerated this year, enhancing capabilities across various industries [9] Group 2 - In the first five months of 2023, the number of newly established foreign-funded enterprises in China increased by 10.4% year-on-year, with over 24,000 new foreign investment enterprises [13] - The Chinese government has introduced over 3,200 quality projects to stimulate private investment, with a total investment exceeding 3 trillion yuan, focusing on key areas such as transportation and energy [14] - A special action plan for medical quality and safety in healthcare institutions has been launched, addressing issues like patient privacy and medical ethics [15]